- GBP/JPY rebounds from the daily low, but is still trading in the red by 0.31%.
- The bulls would regain control once they reclaim 186.00.
- The bears would regain control if GBP/JPY falls below 185.00.
GBP/JPY regained some ground but is still trading down 0.31% late in the North American session on risk-off momentum as investors sharply reduced bets that the US Federal Reserve The US would cut rates as aggressively as traders expected. The pair is trading at 185.86 after reaching a daily high of 186.54.
The pair posted a nine-day low of 185.08 before bouncing off those lows, but is hovering around the 185.80 area. That said, Monday’s price action is forming a hammer, implying that GBP/JPY could retest higher prices. The first resistance would be the 186.00 area, followed by the Tenkan-Sen at 186.86. Once overcome, the next resistance would be 187.00.
On the other hand, a bearish resumption could occur if GBP/JPY sellers drag prices below 185.00. That would pave the way to test the Kijun-Sen at 184.71, followed by a support trend line around 184.25/35, before falling to the 184.00 area.
GBP/JPY Price Analysis – Technical Outlook
GBP/JPY Technical Levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
